Community CPS Australia confirms plan to merge with United Credit Union WA
Community CPS Australia has announced its intention to merge with its Western Australian peer, United Credit Union.
The merger will see Community CPS further strengthen its position in the national marketplace. In the 2006/2007 financial year the credit union posted record results, grew its after tax profit to almost $13.4 million, and recorded a 37 per cent increase on profit.
“The boards of Community CPS and United have developed a strong business case for consideration by the members of both financial institutions,” said Community CPS Chief Executive Officer, Kevin Benger.
Mr Benger said both businesses had worked in partnership to develop a sustainable strategy for the future development of the proposed merged credit union. He confirmed consideration for the members, staff and stakeholders of both organisations was at the forefront of discussions.
“Both Community CPS and United are significant players on the financial services field, and we have identified numerous synergies between the two organisations. Each credit union has maintained a strong financial position over a number of years, and has a loyal membership base, excellent staff and a strong product portfolio,” said Mr Benger.
"We share a common vision to create a clearly differentiated financial services organisation, based on a strong focus on members and the local community.”
Mr Benger said the merged business would represent a combined membership of more than 175,000 people, with total assets under management of $2.2 billion and more than $360 million of additional funds under advice.
An expanded branch and ATM access network, enhanced products and services, and a greater spread of risk through wider market diversification have been identified as key benefits of the merger.
A Member Information Document and revised constitution have been prepared and will be lodged for regulatory approval shortly. Members of both credit unions will be invited to attend a Special General Meeting to vote on the proposed merger once regulatory approval has been granted.
With operations in South Australia, the Australian Capital Territory and regional New South Wales, Community CPS is one of the largest and most influential credit unions in Australia. It operates 21 Personal Financial Centres (branches) and employs more than 400 people.
United was established in 1972 and is now one of Western Australia’s leading credit unions, with more than 34,000 members across the state, and a network of offices throughout Perth, Rockingham and Mandurah. It also has offices in the Pilbara and Kalgoorlie areas.
For further enquiries about the merger, please complete the form below or call our Merger Hotline on 1300 305 083
